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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Ripple Price Technical Analysis – XRP/USD Holding Key Support

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ripple Price Technical Analysis XRP USD

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Key Highlights

  • Ripple price struggled to move above the $0.9500 resistance area and declined again against the US dollar.
  • There is a major bearish trend line forming with resistance at $0.8000 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is currently trading near a major support area at $0.7500-0.7700, which holds a lot of importance.

Ripple price failed to recover substantially against the US Dollar and Bitcoin. XRP/USD is currently near $0.7600, which must hold to avoid further declines.

Ripple Price Resistance

We saw a recovery recently in Ripple price from the $0.6041 swing low against the US Dollar. The price moved above the $0.8500 and $0.9000 resistance levels. However, it failed to move above the $0.9500 and $0.9600 resistance levels. As a result, a downside move was initiated and the price moved below the $0.9000 support. There was a break below the 50% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high.

More importantly, the upside move was protected by a major bearish trend line with resistance at $0.8000 on the hourly chart of the XRP/USD pair. The pair is currently trading near the $0.7500 support area. Moreover, it is holding the 61.8% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high. It must stay above the $0.7500 support area to avoid any further declines. If it fails to stay above $0.7500, there is a chance of XRP sliding back towards $0.7000.

Ripple Price Technical Analysis XRP USD

The next major support is at 76.4% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high at $0.6895. On the upside, the price has to break the $0.8000 and $0.8200 resistance levels to gain upside momentum.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.7500

Major Resistance Level – $0.8200

 

Charts courtesy – SimpleFX

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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